Qatar will increase its gas production by 33%

Doha, July 4 (IANS): Qatar on Tuesday announced that its natural gas production will be increased upto 33 per cent -- that is from 77 million to 100 million tonnes per year. This increase in production is in response to the economic blockade imposed on it by the Arab States.

“The state-owned company aimed to double production from the NorthField” Saad al-Kaabi Qatar Petroleum chief, said reports Efe news. The NorthField is world's biggest natural gas field, which is shared between Qatar and Iran.

In April, the Qatari company had announced it would extract 56.6 million cubic metres per day from that project -- extraction is now set to reach twice that amount under the new plans.

“The company would seek international partners to develop this project that would consolidate Qatar as the largest exporter of natural gas in the world” Al-Kaabi said.

He stressed that the expansion of production would increase government revenues, stimulate the economy and support the Qatar National Vision 2030, under which the government aims to reduce dependence on hydrocarbons.

The company has not yet set deadlines to reach the production target of 100 million tonnes per year, a step that will depend, according to al-Kaabi, on the agreements signed by the company with its future partners.

Natural gas exports are the main source of foreign currency for the rich and small Gulf emirate, which has been subjected to an economic blockade by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since June 5.